IL HB5456

Creates fast-track foreclosure procedures for abandoned residential real estate, allowing courts to enter judgments and conduct sales within 30-45 days when abandonment is established.

Establishes criminal penalties for wrongful inducement of abandonment: Class B misdemeanor for general wrongful conduct and Class A misdemeanor for mortgagees or their agents using specified coercive tactics to force abandonment.

Authorizes revocation of bank charters and dissolution of savings and loan associations upon conviction for wrongful inducement of abandonment, and mandates license revocation for residential mortgage licensees convicted of this offense.

Defines "abandoned residential real estate" with specific criteria including lack of occupancy, mortgagee proof of non-coercion, multiple contact attempts, and supporting facts such as code violations, utility termination, or vandalism reports.

Requires mortgagees to send grace period notices to delinquent borrowers (30+ days past due) with information about housing counseling and protections against illegal coercion, and establishes mandatory 30-day forbearance periods before foreclosure proceedings commence.